Individual Tax Planning and Preparation, including FBAR Compliance

Tax laws, tax forms, and informational IRS reporting requirements can be complex. The difficulty and risks of falling out of compliance with these laws and requirements grows exponentially as the number of personal and business circumstances with a tax implication increase. A tax services relationship with Smart Services, of City of Los Angeles will give you access to year-round questions, guidance, create specific transaction plans, or resolve tax problems.

Tax Return Preparation and Tax Planning Services in California

The best way to avoid tax issues is to file timely and accurate tax returns. That’s our approach at Smart Services, and there are several steps we build in to accomplish that goal.

We make every effort to avoid the need to file tax extensions delaying the preparation of the return. We prioritize finishing the return when others would just file an extension and prepare the return later.

When an extension can’t be avoided, we work with you to create an accurate estimate of taxes owed so you can pay on time and avoid interest and penalties.

We work with you to answer the setup questions that come with a new venture or a change in employment status. We help you determine what forms need to be filed so the IRS has correct information about your status, or to make sure you’ve formed your new venture under the right type of legal entity.

We work with you regarding the tax implications of your investments in stocks and bonds to make sure you’re holding them in the most tax advantageous accounts, and that you’ve made the best elections for how gains and losses will be calculated.

Foreign Bank and Financial Accounts Reporting (FBAR)

US laws have established broad definitions for which accounts are considered to be “foreign” and who is required to report those accounts. US laws have also established onerous penalties for failure to report those accounts–up to $10,000 for each non-willful violation, and the greater of $100,000 or half the account balance for each willful violation.

The bottom line is that if you have financial accounts outside the US, you can’t afford to not have a resource to help you ensure compliance with these US reporting requirements. We at Smart Services can greatly reduce your stress and risk in this area as we have considerable experience with foreign bank account reporting compliance due to the fact that many of our clients have such financial interests.

Income Verification

Income verification is being required with increasing frequency from bankers, landlords, and employers as the presence of fraud has raised risk for these parties. Income verification has even become an important part of benefit eligibility under the Affordable Care Act.

To provide proof of income, self-employed individuals, those with cyclical income, or whose income has changed significantly since that reported on recent tax forms are often asked to obtain authoritative documentation from a CPA or tax professional. For existing clients, this is usually a simple request because we are familiar with your income and tax returns. However, we are happy to attempt to do this if you have prepared your tax returns by yourself or somewhere else, as long as you provide us with all of the necessary paperwork and information.

Personal Tax Services in California

We are full-time service providers, not just seasonal tax return preparers, so we’ll be there when you need us. Request a consultation today to discuss how Smart Services can help you meet IRS and FTB compliance requirements, minimize tax payments, and accomplish your tax goals.

Tax Planning
Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.

CA Tax Return Preparation
According to a study released by the US Government’s General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.

Income Verification
At Smart Services, we believe that innovative and creative individuals drive the growth and success of CA, which is why we are glad to provide self-employed individuals with an income verification letter that satisfies the requirements of your lender or potential landlord.

FBAR Services
The IRS takes foreign bank account reporting extremely seriously. The tax accountants at Smart Services can help you understand foreign bank account reporting rules, and prepare & file all of the required forms, so you can stay on the right side of the law.

Entertainment Industry Union Tax Prep
Smart Services can provide all of the clarification and SAG-AFTRA, PGA, GDA, WGA, familiarity needed to file United States tax returns. Our experts at filing taxes for film industry workers are located couple of miles from the SAG-AFTRA Headquarters. Smart Services also provides convenient, attentive service to film industry union members working overseas.

Accounting Services for United Nations Employees

United Nations employees can find UN Tax Unit assistance and tax preparation services at Smart Services. Every United States citizen and permanent resident must pay US taxes on US earnings. Meet the requirements for federal, state and local income taxes, or even relevant self employment taxes, with the tax professionals at Smart Services.
Smart Services Tax can provide all of the clarification and UN Tax Unit familiarity needed to file United States tax returns. 

The UN Tax Unit is prohibited from offering tax advice or preparing tax returns. Yet, Smart Services Tax has certified public accountants familiar with preparing taxes in accordance to United Nations procedures. This includes the UN statement of taxable earnings, foreign earned income exclusion rules, and the UN tax reimbursement process.

Furthermore, if your spouse is in the United States on a G-4 visa, Smart Services can ensure proper tax preparation for foreigners. Smart Services is a full-time accounting service, not just a seasonal tax return preparer, so we are always available whenever you need us. Schedule a consultation to discuss your accounting services as it relates to your UN employment, family and financial goals.